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    بوابة الاقتراحات والملاحظات لحكومة دولة الإمارات

    

CENTRAL BANK OF THE UAE THE CENTRAL BANK BOARD OF DIRECTORS
RESOLUTION No. 126/5/95 AND RESOLUTION No. 153/5/97

 

Regarding the Regulation for Financial and Monetory Intermediaries


The Chairman of the Board of Directors, Having perused Union Law No. (10) of 1980, especially Articles 11, 12, 18, 120 and 121, and Union Decree No. (92) of 1991 regarding the formation of the Board of Directors of the Central Bank And the Board of Directors resolution, taken in its meeting on 25/6/1995, The following has been decided:

Article (1)

Definitions


For the purpose of this resolution: "Intermediary" shall mean any natural or juridical person, other than financial institutions, licensed to conduct the business of financial and monetary brokerage as per the provisions of this resolution. "Licence" shall mean the licence issued by the Central Bank. "Licensee" shall mean the person licensed to conduct brokerage business as per the provisions of this resolution.


Article (2)

Brokerage Business



The business carried out by the intermediary shall be confined to intermediating in the sale and purchase of domestic and foreign stocks and bonds, currencies and commodities, as well as intermediating in money market transactions.


Article (3)

Getting a Licence - An Imperative



No person, whether natural or juridical, is allowed to conduct brokerage activities in the UAE prior to obtaining a licence from the Central Bank as per a resolution by the Board of Directors.


Article (4)

Licence Application



Any natural or juridical person is allowed to apply for a licence from the Central Bank to conduct brokerage activities. The application should be presented in the form prepared by the Central Bank from time to time, and the following documents should be attached:

a) A statement identifying the nature and scope of the brokerage activities which the applicant intends to conduct. In addition, the statement should identify any plans the applicant may have with regard to the future developments of such activities, as well as details regarding the applicant’s arrangements related to managing his business.
b) The name and address of the applicant, his curriculum vitae, alongwith copies of passports of partners and a copy of the family list record of nationals.
c) An undertaking to submit to the Central Bank, if his application is approved, a bank guarantee in favour of the Central Bank equivalent to 50% of the capital of the applicant.
d) An undertaking to abide by the provisions of Union Law No. (10) of 1980 regarding brokerage activities, and any decisions, instructions, directives, circulars or correspondence issued by the Central Bank in this regard. In addition, the applicant undertakes to make available records and documents to be supervised, audited and reviewed by the Central Bank.
e) Any information or documents requested by the Central Bank for the purposes of deciding on the licence application.


Article (5)

Conditions for Granting a Licence


1) The Central Bank, after looking into the licence application prepared in accordance with the provisions of this resolution, and after obtaining all information, documents and reports, may grant or deny the licence.
2) No licence shall be granted unless the following conditions are met by the applicant:

a) The paid-up capital or the capital funds allocated for brokerage activities should not be less than AED 1,000,000/- Mn (One Million Dirhams) if the licence is confined to brokerage in dealing in domestic stocks and bonds, AED 2,000,000/- Mn (Two Million Dirhams) if the licence is required for brokerage in dealing in foreign stocks and bonds, and AED 3,000,000/- Mn (Three Million Dirhams) if the licence is required for brokerage in dealing in currencies and commodities as well as intermediating in money market transactions. And in case the licence is required for two or more types of brokerage activities, the capital shall then be increased by adding up the amount specified for each activity. The opening of each additional branch shall require an increase of 10% in paid-up capital.
b) The applicant should be a UAE citizen, his age should not be less than 21 years and should be mentally sane and sound. In the case of companies, national shareholding should not be less than 60% of total paid-up capital.

3) A licence shall not be granted unless the applicant fulfills the necessary requirements regarding personal integrity and professional qualifications, which the Central Bank defines as follows:

a) Personal Integrity

The applicant or any of the founding members and the manager (or managers) nominated to run the business should be characterized by good conduct and behaviour, and should not have been convicted in any crime which stains honour or ethics, or which involved violence. He should not as well have failed to honour his liabilities towards banks or any other creditors. Furthermore, he should not have declared bankruptcy nor reached a settlement with his creditors; also he should not have had his properties confiscated, nor had he been put under court receivership.

b) Professional Qualifications

The applicant or the person nominated to manage or supervise the business should be theoretically familiar with the brokerage business, and should as well have relevant managerial experience.

4) In deciding on an application submitted by any company, all matters relating to any other company within the same group, or to any manager or supervisor in that company regarding personal integrity or professional qualifications, shall be taken into consideration.


Article (6)

Notification of Approval or Refusal


In the event of approving or refusing a licence application, the Central Bank shall notify the applicant in writing, pointing out the reasons in case of refusal.


Article (7)

Scope of Licence


The following are considered in the licence issued by the Central Bank:

a) The licence shall be valid for one year, and it may be renewed for further years.
b) The licence shall contain the terms which the Central Bank deems appropriate.



Article (8)

Licence Cancellation, Restriction or Alteration


1) The Central Bank may, at any time, through a decision by its Board, cancel, change, restrict, impose or withdraw any condition imposed on the licence, after receiving the notes of the licensee with regard to the reasons for cancellation, alteration, restriction, imposition or withdrawal.
2) The Central Bank may, through a decision by its Board, cancel a licence in the following cases:

a) If the Central Bank finds out any violation in any of the continuous commitments referred to in Article (9) below, or in any of the licence terms.
b) If the licensee violates the provisions of this resolution, or the provisions of Union Law No. (10) of 1980, or any other instructions or circulars issued by the Central Bank, or if the licence terms are not met or are found difficult to be met.
c) If the Central Bank is provided with false, misleading or inaccurate information by the licensee on his behalf or by any of his managers or auditors or supervisors.
d) If the interests of the current or potential clients of the licensee are at risk, whether the risk is the result of the manner exercised by the licensee in handling his business, or of any other significant reason.
e) If an order to liquidate the business of the licensee or any of his principal owners is issued by any relevant judicial authority.
f) If a court receiver, or manager, or any other similar officer is appointed on the business of the licensee.
g) If a bankruptcy order or a sentence to declare bankruptcy against the licensee is issued.
h) If the licensee has not commenced to operate the business he is licensed to conduct within (6) six months of the date of the licence.
i) If the licensee ceases to operate for a period of (3) three consecutive months.
j) If the Central Bank finds out, from its own viewpoint, that the licensee is unable to repay his due debts, or that the value of his assets, as viewed by the Central Bank, is less than that of his liabilities, after taking into consideration his potential as well as future claims.
k) If an order to sell the assets, or any other procedure within a sentence, a decree or an order from any relevant court is issued, and is returned without being fully or partially executed, or if it exceeds the amount of AED 1,000,000/- Mn (One Million Dirhams).
l) If the concerned local authorities have withdrawn any licences granted by them to the licensee.



Article (9)

Continuous Commitments


The licensee shall commit to strictly abide by the following:

a) his total assets should not exceed five times his paid-up capital at any time; and his capital should not be less than the limit specified in Article (5), 2a, of this resolution.
b) to manage his business by persons after obtaining approval from the Central Bank.
c) not to change his legal status or ownership or size of his capital without prior approval in writing from the Central Bank.
d) not to merge or consolidate or establish a joint venture company with any other person or entity, without prior approval in writing from the Central Bank.
e) to conduct his business from independent and appropriate premises, approved by the Central Bank and to refrain from conducting any other business of any kind at the same premises; relocation of premises is not allowed without approval from the Central Bank.
f) his commercial name should not include the terms “bank”, “financial company”, “financial, commercial or real estate investment company” or any of what might indicate anything other than the brokerage business.
g) not to open any branches except after getting prior approval in writing from the Central Bank. Licence to open a new branch shall not be granted except if the financial position of the licensee is sound and that he has not committed any violations.
h) assigning a legal auditor acceptable to the Central Bank, maintaining proper accounting records, and submitting statement about these records to the Central Bank in the forms required.
i) dealing with clients on the basis of official receipts with regard to all brokerage transactions.
j) not to incur any commitments/obligations on any of his assets without prior approval in writing from the Central Bank.
k) none of his partners shall withdraw any amounts which exceed his share of annual net profits.
l) none of the partners, managers or supervisors of the licensee shall obtain any loans from him, and he (the licensee) shall not obtain any loans from them. Furthermore, none of them shall have an account with the licensee.
m) providing the Central Bank within a period not exceeding 3 months from the end of the financial year with a certified copy of his audited annual accounts including the external auditors’ report; the financial year of the licensee should commence on 1st April and end on 31st March.
n) providing the Central Bank with any statements, information or statistics required at any time and regarding any specific period, and which should conform with the records of the licensee; all these statements, and information shall be considered confidential and shall be treated on that basis.
o) obtaining a licence to conduct brokerage business from the local authorities, and commencing his business within a period of (6) six months of issuing the Central Bank licence as per the provisions of this resolution; the Central Bank shall be provided with a copy of the said licence by the local authorities as soon as it is received from such authorities.
p) applying to the Central Bank for renewal of licence within a period no less than 2 months before the expiry date of the original licence or any of its renewals.
q) complying with the prevailing laws in the UAE, including civil law, companies’ law, stock exchange law and other laws related to brokerage business.



Article (10)

Supervision


The Central Bank has the right to examine the business of the licensee whenever it deems necessary to ensure the soundness of the provisions of this resolution.


Article (11)

The Central Bank has the right to make whatever it deems necessary of amendments to the provisions of this resolution from time to time.


Article (12)

Scope of Application and Enforcement Date


1) This resolution shall apply to all brokerage activities in the country which are licensed as per this resolution, or those licensed as per the resolution of the Board of Directors of the Central Bank No. 6/1/88, issued on 21.2.1988, and which have to adjust their positions to the provisions of this resolution within a maximum period of one year of date of enforcement of this resolution. The Governor may extend this period or periods, the duration of which is (3) three months, if enough reasons are presented.
2) The Central Bank Board of Directors Resolution No. 6/1/88 shall be annulled and replace by this resolution which shall be enforced from date of its issuance.


Article (13)

Interpretation of Resolution

The Governor of the Central Bank is the sole interpreter of the provisions of this resolution, and His interpretations are considered final.


Article (14)

Publication of Resolution

The contents of this resolution shall be notified to the concerned authorities to ensure the application of its provisions, and shall be published in the Official Gazette.


Mohamed Eid Al Meraikhi
Chairman

Issued in Abu Dhabi on 26/6/1995

        

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